What is Financial Mindfulness?
Do you find that you don’t have enough money for the things you need, or that you often go over budget when you calculate your finances at the end of the month?
If you need to get more control over your financial life you could benefit from practicing financial mindfulness. In short, it means using mindfulness practices to save and spend.
The Benefits of Financial Mindfulness
Any conventional budget can help you to save and spend better but financial mindfulness works a little differently. This practice cultivates more awareness of your lifestyle practices, it helps you to need less and save more without much effort.
Better Spending
We often respond to uncomfortable feelings and emotions by opening our wallets and buying things. Buying things gives us a small hit of dopamine that makes us feel better in the short term. Unfortunately, our bank balances don’t feel the same way. Financial mindfulness teaches us to sit with the feelings instead of reacting.
Lower Stress
Money and finances can be stressful, especially when we have overspent and don’t have enough for household essentials. Using financial mindfulness buying Bitcoin means you will never have to worry about going over budget again; the training helps you to buy only as much as you need. This gives you more financial breathing space.
Improved Relationships
Do your relationships take some strain because of your financial circumstances? Tbi is normal to an extent, but it shouldn’t be. Money should never come between you and a loved one, there is always another solution or an alternative conversation. Financial mindfulness helps you become more aware of the reality of money in your life.
How to practice Financial Mindfulness
Isn’t financial mindfulness exactly the same as any other form of mindfulness? In a way it is. Financial mindfulness still requires awareness of your body and how you feel in the now of the moment. The difference is that you place your primary attention on your financial circumstances.
Meditate
Mindfulness meditation can be practiced while sitting on a meditation cushion or standing in a queue at the supermarket. Bring your attention into your body and ask yourself how it feels to be you right now. If it feels stressful allow yourself to feel that emotion and watch it disappear. You will notice any craving you have to spend also disappear.
Stop Impulse Spending
As previously mentioned impulse spending is usually a response to an uncomfortable emotion or feeling. The thrill of buying something distracts you momentarily and makes you feel a little better, but the issue soon returns. Instead of hitting but now, sit with your feelings and explore what is going on for you. At least leave your purchase for a day or two.
Set a Budget
Setting a budget is another important factor in achieving your financial mindfulness. Money and finances can cause high degrees of stress so it’s important to have them under control. When your finances are under control you don’t have to think about them and you can enjoy your life all the more.
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